FIs keen on picking stake in Petronet’s Dahej terminal

New Delhi, Nov 4: Global Infrastructure Company of Singapore, American Insurance Group, State Bank of India and IDFC have envisaged interest in picking equity in Petronet LNG Ltd’s Rs 2,500 crore LNG import terminal at Dahej in Gujarat. “GIC, AIG, SBI and IDFC have shown interest in picking equity in the Dahej terminal project which is likely to achieve financial closure by June 2002,” PLL managing director and CEO Suresh Mathur told PTI here.

While GIC, AIG and SBI have envisaged interest in picking 10 per cent equity each, IDFC is pitching for 5 per cent, he said, adding the four companies are currently doing due diligence.

Finances for the five million-tonne capacity terminal, to be constructed on 70:30 debt-equity ratio (Rs 1750 crore debt and Rs 750 crore equity), would be tied up by June 2002, he said.

“We would,l by month-end, bring out a Project Information Memorandum (PIM) which would contain all information needed by banks and financial institutions to see the project for long-term financing,” he said adding PLL had recently tied-up short-term bridge loan of Rs 1,400 crore from seven banks beginning construction on the project. PLL is a joint venture between Indian Oil Corporation, Oil and Natural Gas Corporation, Gas Authority of India Ltd and Bharat Petroleum Corporation.

— PTI